2012-03-30T12:29:11-05:00 2011-06-30 REHMANN ROBSON 555 BRIARWOOD CIRCLE STE 300 ANN ARBOR MI 48108 990 2010-07-01 381393841 CLEARY UNIVERSITY CLEA 7343324477 3601 PLYMOUTH ROAD ANN ARBOR MI 48105 TOM SULLIVAN 7343324477 2012-03-29 1 RICHARD D HENDRICKS CPA 7347612005 2012-03-29 2010 2016-02-24 21:20:13Z THOMAS SULLIVAN 3601 PLYMOUTH ROAD ANN ARBOR MI 48105 10627512 0 X WWW.CLEARY.EDU X 1883 MI TO MEET THE NEEDS OF THE BUSINESS COMMUNITY AND TO PROVIDE AN EDUCATION FOR PERSONS SEEKING PRACTICAL SKILLS AND VALID CREDENTIALS TO ADVANCE THEIR BUSINESS CAREERS. 34 33 267 0 0 -50993 539237 282961 8765360 8589416 79472 89269 461832 444110 9845901 9405756 861418 765616 0 0 4461966 4339435 0 0 52986 4014389 3802581 9337773 8907632 508128 498124 18215219 19293917 7978264 8533705 10236955 10760212 TO MEET THE NEEDS OF THE BUSINESS COMMUNITY AND TO PROVIDE AN EDUCATION FOR PERSONS SEEKING PRACTICAL SKILLS AND VALID CREDENTIALS TO ADVANCE THEIR BUSINESS CAREERS. 0 0 4103033 765616 8605085 OPERATION OF UNIVERSITY & INSTRUCTION COST 4103033 1 1 0 0 0 0 0 0 0 1 1 1 0 0 0 1 1 0 1 0 0 0 0 0 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1265 0 1 267 1 1 1 0 0 0 0 0 0 0 0 0 X 34 33 0 0 0 0 0 0 0 1 1 0 1 1 1 1 0 1 1 1 1 1 1 1 X X JUDY WALKER VP FINANCE AND BUSINESS 7343324477 3601 PLYMOUTH ROAD ANN ARBOR MI 481052659 HEATHER FELDKAMP 2.00 X 0 0 0 IAN SCHONSHECK 2.00 X 0 0 0 RAYMOND KING III 2.00 X 0 0 0 PATRICK CLEARY II 2.00 X 0 0 0 JOHN KLEE 2.00 X 0 0 0 ANNE MCKENNY 2.00 X 0 0 0 WILLIAM DAVIS JR 2.00 X 0 0 0 FRANK FIKE 2.00 X 0 0 0 JOHN EDWARDS 2.00 X 0 0 0 ANDREW EGGAN 2.00 X 0 0 0 R JAMES GORENFLO 2.00 X 0 0 0 JOHN MCBRIDE 2.00 X 0 0 0 DAVID ITSELL 2.00 X 0 0 0 DANIEL MILSTEIN 2.00 X 0 0 0 MACK JOHNSON 2.00 X 0 0 0 PATRICK O'KEEFE 2.00 X 0 0 0 KEVAN LAWLOR 2.00 X 0 0 0 SCOTT MALY 2.00 X 0 0 0 TIM CODD 2.00 X 0 0 0 MICHAEL LAMARRA 2.00 X 0 0 0 MINDI FYNKE 2.00 X 0 0 0 MILTON WEIDMAYER 2.00 X 0 0 0 CAROL ALEXANDER 2.00 X 0 0 0 JOE PARKER 2.00 X 0 0 0 PAUL GOBEILLE 2.00 X 0 0 0 GLYNIS MCBAIN 2.00 X 0 0 0 NINA MCCLELLAND 2.00 X 0 0 0 DOUGLAS RITTER 2.00 X 0 0 0 ROBBIE O'BRIEN 2.00 X 0 0 0 ELISE HOWARD 2.00 X 0 0 0 MARK OUIMET 2.00 X 0 0 0 ROBERT TISCH 2.00 X 0 0 0 H TODD KEPHART 2.00 X 0 0 0 THOMAS SULLIVAN 40.00 X X 192198 0 19859 JUDITH L WALKER 40.00 X 103620 0 8518 VINCE P LINDER 40.00 X 104796 0 7542 400614 0 35919 3 0 1 0 0 124484 158477 282961 TUITION AND FEES 611600 8403748 8403748 OTHER PROGRAM SERVICE 611600 185668 185668 8589416 87072 87072 355619 355619 355619 355619 1109214 1107017 2197 2197 2197 182518 109696 72822 72822 20712 5043 15669 15669 9405756 8605085 0 517710 765616 765616 187110 82695 104415 3409029 2087149 1321880 102944 45497 57447 383407 174879 208528 256945 113559 143386 7273 7273 52281 52281 695212 48583 646629 527923 4302 523621 328949 20652 304571 3726 152648 152648 15738 3020 6491 6227 58333 2991 53820 1522 65916 65916 644767 644767 28962 28962 BOOKS & PERIODICALS 508460 456190 52270 OTHER 211732 121308 68580 21844 EQUIPMENT 182349 20216 162133 BOOKSTORE EXPENSES 126487 126487 PERSONNEL EXPENSES 67836 29297 38539 127715 592 107456 19667 8907632 4103033 4751613 52986 2442488 1872534 274108 167110 724735 604079 106707 98066 51282 52054 17164538 3638021 12608870 13526517 1608636 2582930 398393 390627 18215219 19293917 1497647 2167413 1337635 1368717 5142982 4997575 7978264 8533705 X 9071145 9457895 267728 351571 898082 950746 10236955 10760212 18215219 19293917 X 498124 25133 X X 0 1 1 X 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 2528387 67759 77144 76094 875386 1721810 2252044 105725 190501 19883 2528387 2209525 57199 3500 18180 2252044 0.29570 0.55220 0.15210 0 0 1456383 1456383 12333004 2342914 9990090 1206487 200018 1006469 2168664 1095089 1073575 13526517 MARKETABLE SECURITIES 2475588 F INTEREST IN LIMITED PARTNERSHIPS 107342 C 2582930 9405756 8907632 498124 25133 25133 523257 8810032 25133 -620857 -595724 9405756 0 9405756 8286775 -620857 -620857 8907632 0 8907632 DESCRIPTION OF INTENDED USE OF ENDOWMENT FUNDS: PART V, LINE 4: THE INTENDED USE OF THE TERM AND PERMANENT ENDOWMENT FUNDS IS TO FUND STUDENT SCHOLARSHIPS. THE QUASI-ENDOWMENT FUND MAY BE USED AS A RESERVE OR IN CASE OF EMERGENCY FOR THE OPERATIONS OF THE UNIVERSITY. PART V, LINE 1E INCLUDES $875,386 OF ENDOWMENT EARNINGS APPROPRIATED FOR SPENDING WHICH WERE RECLASSIFIED IN ACCORDANCE WITH STATE LAW AND NEW GAAP GUIDANCE FROM UNRESTRICTED ENDOWMENT ASSETS TO NON-COMPONENTS OF THE ENDOWMENT. DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48: PART X: THE UNIVERSITY IS RECOGNIZED AS AN ORGANIZATION EXEMPT FROM FEDERAL INCOME TAX UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE (THE CODE) WHEREBY ONLY UNRELATED BUSINESS INCOME, AS DEFINED BY SECTION 512(A)(1) OF THE CODE, IS SUBJECT TO FEDERAL INCOME TAX. THE AMOUNT OF SUCH TAXES IS NOT SIGNIFICANT. IN JULY 2006, THE FINANCIAL ACCOUNTING STANDARDS BOARD (FASB) ISSUED A NEW STANDARD RELATED TO ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES, NOW CODIFIED AS ACCOUNTING STANDARDS CODIFICATION (ASC) TOPIC 740. ASC TOPIC 740 SEEKS TO REDUCE THE SIGNIFICANT DIVERSITY IN PRACTICE ASSOCIATED WITH FINANCIAL STATEMENT RECOGNITION AND MEASUREMENT IN ACCOUNTING FOR INCOME TAXES AND PRESCRIBES THE RECOGNITION THRESHOLD AND MEASUREMENT ATTRIBUTE FOR DISCLOSURES OF TAX POSITIONS PREVIOUSLY TAKEN OR EXPECTED TO BE TAKEN ON AN INCOME TAX RETURN. NOT-FOR-PROFIT ENTITIES ARE ALSO WITHIN THE SCOPE OF ASC TOPIC 740. AN ENTITY MUST CONSIDER WHETHER IT HAS ENGAGED IN ACTIVITIES THAT JEOPARDIZE ITS CURRENT TAX EXEMPT STATUS WITH THE INTERNAL REVENUE SERVICE. FURTHERMORE, AN ENTITY MUST DETERMINE WHETHER IT HAS ANY UNRELATED BUSINESS INCOME, WHICH MAY BE SUBJECT TO FEDERAL AND STATE INCOME TAXES. THE UNIVERSITY ADOPTED THE PROVISIONS OF ASC TOPIC 740 EFFECTIVE JULY 1, 2009, AND, ACCORDINGLY, ANALYZED ITS FILING POSITIONS IN THE FEDERAL AND STATE JURISDICTIONS WHERE IT IS REQUIRED TO FILE INCOME TAX RETURNS, AS WELL AS ALL OPEN TAX YEARS IN THESE JURISDICTIONS. THE UNIVERSITY HAS ALSO ELECTED TO RETAIN ITS EXISTING ACCOUNTING POLICY WITH RESPECT TO THE TREATMENT OF INTEREST AND PENALTIES ATTRIBUTABLE TO INCOME TAXES, AND CONTINUES TO REFLECT ANY CHARGES FOR SUCH, TO THE EXTENT THEY ARISE, AS A COMPONENT OF ITS INSTITUTIONAL SUPPORT EXPENSES. THE ADOPTION OF ASC TOPIC 740 HAS HAD NO IMPACT ON THE UNIVERSITYS FINANCIAL STATEMENTS. THE UNIVERSITY HAS EVALUATED THE PROVISIONS OF ASC TOPIC 740. THE EVALUATION WAS PERFORMED FOR THE YEARS 2008 THROUGH 2011, THE YEARS WHICH REMAIN SUBJECT TO EXAMINATION BY MAJOR TAX JURISDICTIONS AS OF JUNE 30, 2011. THE UNIVERSITY CONCLUDED THAT THERE ARE NO SIGNIFICANT UNCERTAIN TAX POSITIONS REQUIRING RECOGNITION IN THE UNIVERSITYS FINANCIAL STATEMENTS. THE UNIVERSITY DOES NOT EXPECT THE TOTAL AMOUNT OF UNRECOGNIZED TAX BENEFITS (UTB) (E.G. TAX DEDUCTIONS, EXCLUSIONS, OR CREDITS CLAIMED OR EXPECTED TO BE CLAIMED) TO SIGNIFICANTLY CHANGE IN THE NEXT TWELVE MONTHS. THE UNIVERSITY DOES NOT HAVE ANY AMOUNTS ACCRUED FOR INTEREST AND PENALTIES RELATED TO UTB AT JUNE 30, 2011 OR 2010, AND MANAGEMENT IS NOT AWARE OF ANY CLAIMS FOR SUCH AMOUNTS BY FEDERAL OR STATE INCOME TAX AUTHORITIES. PART XII, LINE 2D - OTHER ADJUSTMENTS: COST OF GOODS SOLD 5,043. SPECIAL EVENTS EXPENSES 109,696. GRANTS & SCHOLARSHIPS -735,596. PART XIII, LINE 2D - OTHER ADJUSTMENTS: COST OF GOODS SOLD 5,043. SPECIAL EVENTS EXPENSES 109,696. GRANTS & SCHOLARSHIPS -735,596. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 EXPLANATION OF NONDISCRIMINATORY POLICY PUBLICATION SCHEDULE E, PART I, LINE 3 THE POLICY IS AVAILABLE ON THE SCHOOL'S WEBSITE. EXPLANATION OF GOVERNMENT FINANCIAL ASSISTANCE SCHEDULE E, PART I, LINE 6 $40,644 FROM THE US SBA SMALL MICRO BUSINESS INCUBATOR CENTER BUILDING REPAIRS GOLF OUTING 36225 36225 23997 AUCTION 146293 146293 85699 182518 182518 109696 109696 72822 1 PROVOST GRADUATE SCHOLARSHIP 1 1500 AMERICORPS MATCHING GRANT 1 393 VA MILITARY GRANT 14 33927 CLEARY INSTITUTIONAL GRANT 44 29665 CLEARY SCHOLARSHIP 21 41111 MICHIGAN GUARD SCHOLARSHIP 2 3786 COMMUNITY COLLEGE & ALUMNI DISCOUNT 30 83782 CLEARY CONTINUITY GRANT 484 339684 NEXT STEP GRANT 34 53551 RITA & CHARLES GELMAN UNDERGRADUATE SCHOLARSHIP 1 2000 ALUMNI ASSOCIATION ENDOWED SCHOLARSHIP 1 334 JACK G. WILSON SCHOLARSHIP 1 500 WILBURN M. BARWICK SCHOLARSHIP 8 12668 ROBERT & BESS COOK ENDOWED SCHOLARSHIP 1 1000 SULLIVAN ENDOWED SCHOLARSHIP 2 2000 LOREN BEUTLER ENDOWED SCHOLARSHIP 1 750 LLOYD & MABEL JOHNSON FOUNDATION SCHOLARSHIP 8 7100 COMMUNITY PARTNER MATCHING GRANT 3 3000 WORK TO LEARN SCHOLARSHIP PROGRAM 19 12250 PR CLEARY PARTNER SCHOLARSHIP 32 47897 GRADUATE ASSISTANT GRANT 9 85050 RITA & CHARLES GELMAN GRADUATE SCHOLARSHIP 1 2000 GIL BURSLEY SCHOLARSHIP 1 334 MARJORY CLEARY MCKENNY & ARTHUR MCKENNY 1 1334 PROCEDURE FOR MONITORING GRANTS IN THE U.S.: PART I, LINE 2: SCHEDULE I, PART I, LINE 2: GRANT AND SCHOLARSHIP AWARDS ARE USED AT CLEARY UNIVERSITY. X X 0 0 0 0 0 0 0 0 0 THOMAS SULLIVAN 192198 0 0 0 0 0 8972 0 10887 0 212057 0 223579 0 CLEARY UNIVERSITY 381393841 594519J84 2006-06-07 5335000 CAPITAL EXPENDITURES 0 0 0 430000 5335000 379242 262230 4693528 2007 0 0 1 1 0 0 1 0 0 0.02000 0.02000 1 0 1 0 0 0 0 FORM 990, PART VI, SECTION B, LINE 11 THE FORM 990 IS REVIEWED BY THE FINANCE COMMITTEE PRIOR TO BEING FILED. FORM 990, PART VI, SECTION B, LINE 12C NEW BOARD MEMBERS AND EMPLOYEES ARE ASKED ABOUT ANY CONFLICT OF INTEREST BASED ON THE CONFLICT OF INTEREST POLICY. IF A CONFLICT EXISTS, THE ASSOCIATION WITH THE CONFLICTING INTEREST IS DISCONTINUED OR THE BOARD MEMBER OR EMPLOYEE IS NOT SELECTED TO SERVE. FORM 990, PART VI, SECTION B, LINE 15 WE ESTABLISH A BENCHMARK FOR EVERY EMPLOYEE POSITION BASED ON ONE OF THE FOLLOWING: CUPA - HR - COLLEGE & UNIVERSITY PROFESSIONAL ASSOCIATION - HUMAN RESOURCES SALARY SURVEY RESULTS OR GAASHRM - GREATER ANN ARBOR SOCIETY FOR HUMAN RESOURCE MANAGEMENT SALARY SURVEY RESULTS. EVERY EMPLOYEE POSITION IS COMPARED TO A SIMILAR POSITION IN ONE OF THESE SURVEYS (CUPA IS USED IF A POSITION MATCH EXISTS) THE AVERAGE SALARY FOR LIKE INSTITUTIONS OR SIMILAR SIZED NON-PROFITS IS USED AS OUR BENCHMARK WITH A MARGIN OF 15% ON EITHER SIDE OF THE AVERAGE TO ESTABLISH OUR SALARY "RANGE" FOR THE POSITION. ACTUAL SALARY FOR AN EMPLOYEE IS BASED ON EXPERIENCE AND EMPLOYMENT DURATION THAT MOVES ONE'S SALARY UP WITHIN THE SALARY RANGE. FORM 990, PART VI, SECTION C, LINE 19 ALL GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS ARE AVAILABLE TO THE PUBLIC UPON REQUEST. CHANGES IN NET ASSETS OR FUND BALANCES: FORM 990, PART XI, LINE 5: NET UNREALIZED GAINS ON INVESTMENTS: 25,133. PART XII, LINE 2C THERE HAVE BEEN NO CHANGES TO THE AUDIT COMMITTEE'S OVERSIGHT PROCESS OR SELECTION PROCESS DURING THE TAX YEAR.